37 Central Ave · Waterbury, CT 06702

$459,000

6 bd · 4.0 ba · 3,832 sqft · MultiFamily public records · 1 Days on market

Built 1894 6,534 sqft lot Est $410k · 12% over

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Schools +1.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great opportunity to own this Very well maintained investment property! Investors take note. Two 2 bedroom and one 1 bedroom four family home close to waterbury hospital and highways. Plenty of parking for tenants as well as laundry.

Key facts

• Rear parking
• Two vacant units
• Street parking

Tags

• TWO VACANT UNITS
• NEW WALL HUNG WATER HEATERS
• COIN OPERATED LAUNDRY
• REAR PARKING
• STREET PARKING
• 0.15 ACRE LOT

Property features AI

Exterior

• Utilities: Public water connected; Public sewer connected
• Home design: Multi-family property (4-unit)
• Construction: Concrete foundation; Concrete construction
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Bedrooms: Six bedrooms
• Bathrooms: Four full baths
• Heating & cooling: Baseboard and hot water heating; Natural gas heat; Window air conditioning units; Tankless hot water
• Interior features: Full basement; Two fireplaces; Total of 18 rooms; Four full bathrooms
• Laundry & utility: Laundry in basement; Coin-operated laundry

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $459k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $569/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $459k).
• Cap rate 12.2% vs local median 3.6% in Waterbury — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#32 in CT, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Waterbury School District (suburban): math 12% / reading 23% proficiency, ranked #148 of 153 in CT (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 502 units permitted in Naugatuck Valley Planning Region in 2024 (171 in 5+ unit buildings).
• At $7,100/mo this rent would consume 589% of the median local household income ($14k/yr) (locally 729% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $315k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $459,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 12.24%
• Cash-on-cash: 21.25%
• DSCR: 1.95
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $410,024
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Holmes Ave	0.07mi	7/4.0 (+1)	3,958 (+3%)	8mo	$300,000	$76	79
65 Pine St	0.20mi	6/6.0	3,983 (+4%)	1mo	$250,000	$63	75
67 Holmes Ave	0.08mi	7/3.0 (+1)	4,075 (+6%)	4mo	$210,000	$52	73
14 Chestnut Ave	0.24mi	6/3.0	3,588 (-6%)	12mo	$370,000	$103	64
205 Cooke St	0.42mi	6/3.0	3,439 (-10%)	5mo	$380,000	$110	55
33 Albert Pl	0.58mi	7/3.0 (+1)	3,584 (-6%)	1mo	$385,000	$107	52
175 Chestnut Ave	0.52mi	6/3.0	3,597 (-6%)	13mo	$385,000	$107	51
15 Willard St	0.73mi	6/3.0	3,725 (-3%)	8mo	$405,000	$109	51
51 Crown St	0.61mi	6/3.0	4,187 (+9%)	8mo	$460,000	$110	46
163 Draher St	0.75mi	6/3.0	3,393 (-12%)	0mo	$415,000	$122	42
64 Wood St	0.73mi	7/3.0 (+1)	3,393 (-12%)	1mo	$495,000	$146	37
133-135 Byrneside Ave	0.71mi	6/3.0	3,355 (-12%)	14mo	$300,000	$89	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.5%
• Equity multiple: 2.56×
• Total profit: $200,425
• Equity at exit: $206,386

10-year hold

• IRR: 28.1%
• Equity multiple: 4.97×
• Total profit: $510,740
• Equity at exit: $318,066

Cash invested: $128,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 06702

• Active inventory: 5
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $7,100 medium
• Mortgage (P&I): −$2,407
• Tax from tax record: −$735 /mo · $8,823/yr
• Insurance: −$191
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,491
• Net cashflow: $2,275

Break-even live

Break-even rent $4,220

Max offer price $459,000

Occupancy floor 63%

Sensitivity live

Price	-10% $2,535	-5% $2,405	+0% $2,275	+5% $2,146	+10% $2,016
Rent	-10% $1,715	-5% $1,995	+0% $2,275	+5% $2,556	+10% $2,836
Rate	-1.0pp $2,507	-0.5pp $2,392	base $2,275	+0.5pp $2,157	+1.0pp $2,036

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$7,100
Total (4 units)			$7,100

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Niagara St Waterbury, CT	6.0	3.0	3156	$1,700	$0.54	4d	1	1.41mi

Listing history 2 events

1. 2026-06-17
   remarks 695-char remark
2. 2026-06-17
   listed $459,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $8,823 · $735/mo
• Projected year-2 tax: $9,323 · $777/mo
• Expected delta: +$500/yr (+$42/mo · 5.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,200
• − Mortgage interest: −$25,711
• − Property taxes: −$8,823
• − Insurance: −$2,295
• − Repairs & maintenance: −$6,816
• − Management: −$6,816
• − Depreciation: −$13,353
• Taxable income: $21,386
• Est. tax owed @ 24.0%: −$5,133
• After-tax cash flow: $22,173/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Waterbury School District
• NCES district ID: 0904830
• Math proficiency: 12% ▼ -7.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $40,040
• Composite: 14.85/100
• National rank: #9380
• State rank: #148 of 153 in CT

Livability — Waterbury

• Score: 79/100
• State rank: #32
• US rank: #2205

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime D Employment D Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterbury, CT
• County: New Haven County · 688,236 people
• City population: 115,012
• Metro: New Haven-Milford, CT
• Population (ZIP): 2,946
• Household income: $14,474
• Rent vs Own: 92.0% rent · 8.0% own
• Severe rent burden: 729.0

Population outlook (Naugatuck Valley County) Hauer SSP2

• By 2040: 496,846

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 37% Hispanic / Latino 36% White 24% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 20% Cuban 3% Dominican 9%
• Common ancestry: Russian 1% Subsaharan African 1% Romanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 68% English-only · Spanish 30% Other Indo-European 1%

Political lean MEDSL · Naugatuck Valley

• 2024 margin: Lean R (+7.4) · D 45.6% · R 53.0% · Other 1.4%
• All cycles: 2024: R+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: New Haven-Milford, CT
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

+267.5% since first listed

18 events — show timeline

• 2026-06-17 Listed $459,000 Smart MLS
• 2021-05-04 Sold (Public Records) $315,000 Public Records
• 2021-04-19 Sold (MLS) $315,000 Smart MLS
• 2021-02-10 Listed $299,900 Smart MLS
• 2019-05-10 Price Changed $230,000 Smart MLS
• 2019-05-09 Sold (MLS) $230,000 Smart MLS
• 2019-03-18 Listing Removed — Smart MLS
• 2019-02-14 Price Changed $239,900 Smart MLS
• 2019-01-02 Listed $250,000 Smart MLS
• 2016-04-21 Sold (Public Records) $190,000 Public Records
• 2016-04-21 Sold (MLS) $190,000 Smart MLS
• 2016-02-21 Listing Removed — Smart MLS
• 2015-08-26 Listed $189,900 Smart MLS
• 2014-11-06 Listing Removed — Smart MLS
• 2014-04-11 Listed $189,000 Smart MLS
• 2009-03-27 Sold (Public Records) $600,000 Public Records
• 2008-08-14 Listing Removed — Smart MLS
• 2008-04-14 Listed $124,900 Smart MLS

Property tax history

+5.6%/yr

Latest (2023): $8,823 · +48.2% YoY. Source: county tax records.